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Category: Offshore Account Update - Page 4

What Virginia Businesses Need to Know About Nonemployee Compensation in 2022

Posted in News, Offshore Account Update on July 29, 2022

With the gig economy bolstered by the COVID-19 pandemic and wages skyrocketing as businesses compete for qualified employees, many businesses are finding themselves increasingly reliant on independent contractors. While hiring employee contractors offers a variety of benefits—including tax benefits—businesses need to ensure that their “nonemployee” compensation practices are not putting them at risk for IRS penalties. Read More

Did Your Company Improperly Claim the COVID-19 Employee Retention Credit?

Posted in News, Offshore Account Update on July 22, 2022

The employee retention credit was available to qualifying businesses in 2020 and 2021 to help offset the costs of keeping employees on staff during the height of the COVID-19 pandemic. The rules and restrictions governing the employee retention credit changed over time, and, as a result, it is likely that some businesses (if not many businesses) claimed the credit improperly. Read More

Mid-Year Tax Considerations for Avoiding an IRS Audit or Investigation in 2023

Posted in News, Offshore Account Update on June 30, 2022

As we pass the midway point of 2022, now is a good time for U.S. taxpayers to make sure they are in a good position to avoid an Internal Revenue Service (IRS) audit in 2023. While most taxpayers only think about their obligations to the IRS once a year, planning and strategizing throughout the year can be critical for avoiding unnecessary tax liability and IRS scrutiny. Here are some insights from Virginia IRS defense attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. Read More

What Are Your Options if Your Virginia Tax Preparer Made a Mistake?

Posted in Hot Topics, News, Offshore Account Update on June 16, 2022

Lots of people rely on tax preparers, and in most cases, this is one of the best and easiest ways to avoid issues with the Internal Revenue Service (IRS). But, what if your tax preparer makes a mistake? Unfortunately, this issue is far more common than it should be, and each year numerous taxpayers find themselves dealing with the IRS because their tax preparers were not as knowledgeable or careful as they should have been. If you find yourself in this scenario, here are some important considerations from Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. Read More

10 Notable Statistics from the IRS’ 2021 Data Book

Posted in News, Offshore Account Update on May 31, 2022

The Internal Revenue Service (IRS) recently published its Data Book for 2021. The 2021 Data Book contains a lot of information; and, while much of this information will only be of interest to tax professionals, there are some important takeaways for U.S. taxpayers as well. In this article, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses 10 of the most notable statistics of which taxpayers should be aware: Read More

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